RBI allows Kotak Mahindra to acquire 9.9% stake in Federal Bank, J&K Bank

Kotak Mahindra Bank has received approval from the RBI to acquire up to 9.99% stake in both Federal Bank and J&K Bank, as per filings. The approval is subject to compliance with the Banking Regulation Act, 1949, RBI and SEBI norms. The approval will remain valid for one year from the date of the RBI letter, J&K Bank said.